The board of directors of Exxon Mobil is considering exiting Argentina, despite the country accounting for only 2% of their global business but causing 10% of their headaches. Jefferies Bank of the USA has prepared a shortlist of three firms vying for the assets of the American colossus. Among the seven areas in Vaca Muerta, Bajo del Choique stands out with proven reserves of shale oil. The decision is expected to be finalized in the next two weeks and involves a mega operation worth US$1,000 million.
Three companies that belong to Argentine families are on Exxon’s radar: Pluspetrol owned by the Rey and Poli families, PAE owned by the Bulgheroni family, and Vista owned by Miguel Galuccio. Exxon has received support from Qatar Petroleum, a state-owned oil company in Qatar, which bought 30% stake in Exxon Mobil in Argentina in 2018. Exxon is a global oil empire founded by John Rockefeller in 1882 and operates in over 40 countries worldwide.
Other multinational companies have also started retreating from Argentina due to past economic uncertainties. Loma Negra was acquired by a Brazilian group, while Enel, an Italian company owner of Edesur, will continue operating there. Banks like BBVA, Patagonia, and Supervielle are also mentioned as potential ownership changes. Despite recent positive economic prospects under President Milei’s administration, some companies remain cautious about investing due to past challenges.